Universal Music Group (UMG) names Matt Ellis as CFO

Universal Music Group N.V. (EURONEXT: UMG), the world leader in music-based entertainment, today announced that highly regarded global finance executive Matt Ellis has been named as UMG's Chief Financial Officer, effective June 9. Based in Santa Monica, he will be responsible for leading UMG's global financial operations and will report to UMG's Chairman & CEO, Sir Lucian Grainge. Most recently, Ellis served as Executive Vice President and CFO at Verizon Communications where he led all finance activities.

Ellis is a highly experienced executive with an outstanding track record of partnering across businesses to execute strategies that deliver revenue growth and profitability. His significant expertise in both finance and operations leadership includes CFO, Treasury, Financial Planning and Analysis (FP&A), and Corporate Development roles at two Fortune 100 companies, and as a Chartered Accountant in the UK.

Ellis succeeds Boyd Muir, who was promoted to the role of Chief Operating Officer of UMG in October 2024. Muir has held the position as UMG's Executive Vice President (EVP), CFO and President of Operations since 2010, and has continued to serve as CFO during the search for his successor.

In making the announcement, Grainge said, "As UMG's evolution continues and as we expand the very definition of a music entertainment company, we wanted to find the right executive who brings a global worldview and deep financial expertise across a range of industries including media, technology and consumer goods. Matt is that executive."

Grainge continued, "With Matt in place, Boyd can accelerate his efforts to execute on a range of strategic growth initiatives in addition to supporting me in the day-to-day management of many of our global corporate and divisional functions."

Matt Ellis said, "Sir Lucian and the leadership team have built a world class company that isn't just the market leader, but also driving the evolution of the industry. I am incredibly excited to join UMG at this time and help the team deliver the ambitious commercial and financial goals that they have outlined."

Muir said, "Matt brings not only impressive experience as a CFO, but also an understanding of global businesses across dynamic industries in transition. I'm so pleased to welcome Matt to our team and looking forward to collaborating with him as we position UMG for continued growth."

As Verizon's CFO Ellis established a capital allocation framework to manage a debt portfolio of $100 billion +, annual capital spending of ~$17 billion, and a dividend of $11 billion. Additionally, he led the company's participation in, and financing of, multiple spectrum auctions with investment of more than $50 billion, and oversaw acquisitions and divestitures to deliver the company's strategy. During his 10-year tenure there, he also held several senior leadership roles including Senior Vice President and CFO, Operations (2015 – 2016), where he was the FP&A leader for the company's $120 billion Wireline and Wireless business units. From 2013 – 2015, he was SVP and Treasurer and led the $61 billion debt financing component of the 2014 buyout of Vodafone's 45% stake in Verizon Wireless, including issuing $49 billion of bonds in one day.

Prior to Verizon, Ellis held multiple senior finance positions at global food company Tyson Foods Inc., where he served as Vice President and Treasurer from 2010-2013. Key accomplishments in this role included regaining investment grade ratings in 2011. As VP, Finance, from 2007 – 2010, he led the company's global M&A activity that resulted in the acquisition of three companies in Brazil and entering into two joint ventures in China. He also served as VP, Country Manager in Mexico from 2004 – 2007, where he directed all business operations of the wholly-owned Tyson subsidiary.

Ellis was born in the U.S. and raised in the U.K. Prior to moving back to the U.S. in 1997, Ellis held early career roles as a Commercial Accountant at Dixons Stores Group and as an Audit Supervisor at Coopers & Lybrand (now PwC). He is a member of the Institute of Chartered Accountants in England and Wales and earned a BCom (Accounting) from the University of Birmingham in the UK.

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